Q1. All of the following are poor examples of supervisory responsibility EXCEPT:

A)   Proper supervision is not exercised because the supervisor's income is partially based on unsupervised or improper trading activity.

B)   Incorporating a professional conduct evaluation as part of an employee’s performance review.

C)   Poor procedures allow a portfolio manager to designate a trade to an account or portfolio after the outcome of the trade is known.

A manager has pointed out that his firm has experienced significant expansion over the past few years. Until recently, its Q2. Legal Department was responsible for the firm's compliance activities. Now, however, the legal and compliance                             

functions have been separated. A compliance officer has been formally designated and a comprehensive compliance         program has been put in place.

In order to function effectively, the compliance officer must have the authority:

A)   to hire and fire personnel.

B)   to affect, control, and guide employee behavior and to respond to employee misconduct.

C)   which is consistent with the most senior partner or executive officer in the firm.

Q3. According to the CFA Institute Standards of Professional Conduct, which of the following statements about members with

supervisory responsibility is FALSE? Members with supervisory responsibility:

A)   are relieved of their supervisory responsibility if they delegate their supervisory duties to other members of CFA Institute.

B)   must make reasonable efforts to detect violation of laws, rules, regulations, and the Code and Standards.

C)   are expected to have in-depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities.

Q4. A firm recently hired Jill Taylor to be a managing supervisor in the firm. Taylor knows that all of her subordinate supervisors are members of CFA Institute and that they have a compliance system in place with respect to the Code and Standards. Under these conditions Taylor needs to:

A)   neither of these choices.

B)   rely on the current compliance system since the subordinate supervisors are subject to the Code and Standards.

C)   review the compliance system for its adequacy.

Q5. According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following?

A)   An in-depth knowledge of the Code and Standards.

B)   Both of these.

C)   A graduate degree.

答案和详解如下：

Q1. All of the following are poor examples of supervisory responsibility EXCEPT:

A)   Proper supervision is not exercised because the supervisor's income is partially based on unsupervised or improper trading activity.

B)   Incorporating a professional conduct evaluation as part of an employee’s performance review.

C)   Poor procedures allow a portfolio manager to designate a trade to an account or portfolio after the outcome of the trade is known.

Correct answer is B)

According to Standard IV(C), supervisors must make reasonable efforts to detect and prevent violations of laws, rules, regulations, and the Code and Standards by anyone under their authority. Incorporating a professional conduct evaluation as part of an employee’s performance review is a recommended compliance procedure.

A manager has pointed out that his firm has experienced significant expansion over the past few years. Until recently, its Q2. Legal Department was responsible for the firm's compliance activities. Now, however, the legal and compliance                             

functions have been separated. A compliance officer has been formally designated and a comprehensive compliance         program has been put in place.

In order to function effectively, the compliance officer must have the authority:

A)   to hire and fire personnel.

B)   to affect, control, and guide employee behavior and to respond to employee misconduct.

C)   which is consistent with the most senior partner or executive officer in the firm.

Correct answer is B)

Compliance officers must be able to guide employee behavior and respond to employee misconduct, otherwise there will be no effective compliance procedures in place. Unless the compliance officer can effectuate compliance procedures, the compliance program has no chance of responding to or preventing violations of the Standards.

Q3. According to the CFA Institute Standards of Professional Conduct, which of the following statements about members with

supervisory responsibility is FALSE? Members with supervisory responsibility:

A)   are relieved of their supervisory responsibility if they delegate their supervisory duties to other members of CFA Institute.

B)   must make reasonable efforts to detect violation of laws, rules, regulations, and the Code and Standards.

C)   are expected to have in-depth knowledge of the Code and Standards and to apply this knowledge in discharging their supervisory responsibilities.

Correct answer is A)

Although members who supervise large numbers of employees may delegate supervisory duties, such delegation does not relieve them of their supervisory responsibility.

Q4. A firm recently hired Jill Taylor to be a managing supervisor in the firm. Taylor knows that all of her subordinate supervisors are members of CFA Institute and that they have a compliance system in place with respect to the Code and Standards. Under these conditions Taylor needs to:

A)   neither of these choices.

B)   rely on the current compliance system since the subordinate supervisors are subject to the Code and Standards.

C)   review the compliance system for its adequacy.

Correct answer is C)

According to Standard IV(C), Responsibilities of Supervisors, Taylor must make reasonable efforts to detect violations of law, rules, regulations, and Code and Standards. This responsibility is not eliminated because the Taylor’s subordinates are CFA Charterholders. Taylor should review the compliance system and report any inadequacies to senior management.

Q5. According to Standard IV(C), a CFA Institute member who is in a supervisory role must have which of the following?

A)   An in-depth knowledge of the Code and Standards.

B)   Both of these.

C)   A graduate degree.

Correct answer is A)

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